The offer gives NTK an enterprise value of $2.81B, including its equity value and part of its debt.

The bet on the U.S. housing sector, from which the maker of cooling and heating systems for homes and offices derives much of its sales, comes as the Brexit vote has cast a shadow over the U.K. economy and sent the pound tumbling to historic lows.

All necessary regulatory approvals have been received for Honeywell's (NYSE:HON) acquisition of the Elster Division of Melrose Industries (OTC:MLSPY), and the company anticipates to close the transaction on December 29, 2015.

Elster had gross assets of £2.5B as of the end of last year and employs about 6,800 people in 39 countries.

|Jul. 28, 2015, 3:15 AM

Jun. 18, 2012, 3:27 AM

British buyout group Melrose confirms it's in talks to buy German gas-and-electric meter company Elster Group (ELT) for $2.3B.

|Jun. 18, 2012, 3:27 AM

Sep. 12, 2011, 6:49 AM

U.S. pumps and valves manufacturer Colfax (CFX) will buy U.K. toolmaker Charter International (CHITF.PK) for £1.53B ($2.4B) in cash and shares, beating off rival bidder Melrose (MLSPF.PK) (PR). Despite the sweeter bid, Colfax still needs to convince Charter's shareholders that it can do a better job of a turnaround.